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Bitcoin

Bitcoin Breaks $82,000: Who Is Driving The Market?

Keshav Verma
by Keshav Verma
10 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data of the Bitcoin Coinbase Premium Gap could hint at which part of the market has been behind the bullish price action over the weekend.

Bitcoin Coinbase Premium Gap Saw Negative Dips During Weekend

In a CryptoQuant Quicktake post, an analyst has discussed about the recent trend in the Bitcoin Coinbase Premium Gap. The “Coinbase Premium Gap” refers to a metric that keeps track of the difference between the Bitcoin price listed on Coinbase (USD pair) and that on Binance (USDT pair).

When the value of the indicator is positive, it means the the asset is trading at a higher value on Coinbase than Binance. Such a trend implies the users of the former are participating in a higher amount of buying or lower amount of selling as compared to that of the latter.

Related Reading: Bitcoin Open Interest To Cap Ratio Hits 2-Year High, Cooldown Imminent?

On the other hand, the metric being under zero suggests Binance could be witnessing the higher amount of buying pressure as the price on there is higher than on Coinbase.

Now, here is the chart shared by the quant that shows the trend in the Bitcoin Coinbase Premium Gap over the weekend:

Bitcoin Coinbase Premium Gap

The value of the metric appears to have been positive over the last few days | Source: CryptoQuant

As displayed in the above graph, the Bitcoin Coinbase Premium Gap has remained inside the positive territory recently, but a couple of spikes toward the negative territory stand out. Interestingly, both of these spikes preceded some degree of upward push in the cryptocurrency’s price, implying that the burst of buying that occurred on Binance was responsible for the surges.

Other than these spikes, the market has recently seen consistently higher buying pressure coming from Coinbase users, just like most other bullish phases this year. The main traffic of Coinbase is American investors, especially the large institutional entities, while Binance hosts a more global userbase. As such, the Coinbase Premium Gap reflects how the behavior of the US-based whales differs from global investors.

Around the time of the US presidential election results, the indicator had witnessed a jump to significant positive levels, as Coinbase users had reacted to the America-focused news.

Related Reading: Cardano Breaks Away With 16% Jump As Whales Become Active

While Coinbase users have been in the driving seat since then, Binance whales haven’t totally lost relevance as the strong effect on the price during the weekend shows.

It now remains to be seen how the indicator would develop in the near future as the BTC rally plays out and if more dips into the negative territory would take place.

BTC Price

Bitcoin briefly broke above the $82,000 level earlier in the day, setting a brand-new all-time high. Since this top, the coin has seen a minor pullback to $81,900.

Bitcoin Price Chart

Looks like the price of the coin has been racing up over the last few days | Source: BTCUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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